CHF SARON – What is Going On?

CHF OIS and swap markets have transitioned from TOIS to SARON. TOIS will cease to exist from the end of this year. SARON is the new “Risk Free Rate”. LCH SwapClear now clear SARON swaps. We can see some activity in the data. What is Going On? According to Gottex Brokers; “The ability to clear […]

FCM Rankings & Concentration: Q3 2017

The latest batch of FCM data has been assembled.  Lets dig in. We start with the number of FCMs that are registered, by various metrics:   Showing us: The number of FCMs registered ticked up by 1 to a total of 64 (addition of Huatai Financial) The number of FCM’s with any client margins dropped […]

Bank Ring Fencing – What You Need to Know

Ring-fencing splits banks into deposit-taking institutions and investment banks. There is more than one way that this can be achieved. The European Commission has decided against ring-fencing. Large UK banks are required to ring-fence their deposit-taking operations from January 2019. The US may include some ring-fencing proposals as they look at financial reforms. Why Do […]